Infantino Drops Plan for World Cup Private Equity Sale

FIFA’s President, Gianni Infantino, has decided to abandon the controversial plan to sell World Cup profits to private equity. This decision follows substantial opposition from numerous groups within the soccer community.

The reversal came after feedback from Infantino’s senior adviser and various global soccer organizations. A key resignation involved Carlos Cordeiro, a former banker from Goldman Sachs, who stepped down after being appointed to the White House Task Force for the World Cup.

“Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place,”

Infantino stated, emphasizing unity and progress as FIFA’s mission.

The proposed $20 billion company, involving private investors like the Kushner family, faced swift and widespread backlash. UEFA’s 55-member nations committed to boycotting the World Cup and FIFA competitions due to Infantino’s plan. Groups from North America and Asia echoed the sentiment.

“Some things are simply too important to sell,” UEFA stated. “The FIFA World Cup belongs to football. It always will. And so long as Europe has a voice, it will never be for sale.”

This move endangered Infantino’s long-standing leadership at FIFA. Kevin Lamour, FIFA’s COO, criticized the plan’s lack of transparency, urging political leaders in soccer to reevaluate their approach.

Infantino initially aimed to spin off FIFA’s commercial aspects, including World Cups, into a subsidiary partially owned by private investors. The ‘anchor investor’ was a New York-based firm established by Joshua Kushner.

The failed proposal raises questions about Infantino’s future. Reelected without opposition in 2019 and 2023, he may serve one more term. However, the unsuccessful equity proposal might challenge his position, especially with FIFA’s presidential contest approaching.